Sanmitra Sahakari Bank Ltd. offers a "Cash Credit" facility specifically for Small Scale Industries (SSI) and MSME (Micro, Small and Medium Enterprises) units to help them meet their working capital requirements.
Key Features:
Purpose: To provide a continuous line of credit for the day-to-day operational needs of a business, such as purchasing raw materials, managing inventory, and covering other short-term expenses.
Nature of Loan: Cash Credit is a revolving loan facility, meaning you can withdraw funds as and when needed, up to a sanctioned limit, and repay them at your convenience. Interest is charged only on the amount of credit utilized, not on the entire sanctioned limit.
Interest Rate:
Tenure:
Processing Fees:
Review/Renewal Fees:
How it Works:
The Cash Credit facility functions similarly to an overdraft account. The bank sanctions a specific limit, and the borrower can withdraw funds up to that limit. The borrower can also deposit money into the account at any time to reduce the outstanding balance and, consequently, the interest burden.
For further details, including eligibility criteria, required documentation, and the application process, it is recommended to directly contact Sanmitra Sahakari Bank Ltd. through their administrative head office or a local branch.
